Tag Archives: Mortgage Bankers Association (MBA)

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

As mortgage rates advanced upward to levels last seen 20 years ago, the MBA reports overall application volume slipping yet again after a quick one-week rebound.

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

Despite mortgage rates hitting the highest levels seen in a month, the MBA reports a week-over-week rise in overall mortgage application volume, led by renewed interest in FHA and conventional purchase apps.

In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”

As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.

“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.

Despite a slight dip in mortgage rates, the MBA reports that mortgage application volume has fallen to lows last reported in December 1996, as rates and housing inventory continue to serve as major barriers to entry into the housing market.

After the fixed-rate mortgage hit levels recorded 21 years ago, Freddie Mac reported a five-basis point week-over-week slip in rates, and despite continued high rates, the nation’s short supply is keeping house prices steady.

Despite fixed-rate mortgages moving upward to levels last recorded in December 2000, the MBA reports both purchase and refi apps rose week-over-week, the first such increase in over a month.